The market, which opened on a firm note this morning on strong global cues, remains in positive territory amid cautious trades. Betting on hopes the U.S. Federal Reserve will come out with some monetary easing measures later in the day, and on expectations the German court will approve a bailout mechanism and the fiscal pact, investors are indulging in some selective buying.
Automobile, information technology, consumer durables and FMCG stocks are attracting buyers. Bank, metal and capital goods stocks are finding modest support, while realty, oil and pharmaceuticals stocks are a bit subdued. Power stocks are trading weak.
BHEL is trading 2.3% down. Jindal Steel, Cipla, Hindalco and NTPC are trading lower by 1% - 1.8%. Hero Motocorp is down nearly a percent, while GAIL India and Bharti Airtel are down by about half a percent.
Tata Motors is up more than 3.5% on strong buying on the back of reports the company is likely to set up a unit in Indonesia. Coal India is trading 2.2% up. Dr Reddy's Laboratories, Tata Consultancy Services, Wipro, Hindsutan Unilever, HDFC Bank, ITC, Tata Steel and Maruti Suzuki are also trading higher.
Siemens is down more than 3%. Glaxo Smithkline Pharmaceuticals is also trading lower by over 3%. Crompton Greaves, United Breweries, Power Finance Corporation, JSW Energy, United Spirits, Manappuram Finance, Essar Oil, Reliance Infrastructure, Welcorp, Dabur India and REC are also trading notably lower.
According to the data released by the government this morning, industrial production edged up 0.1% in July (year-on-year) after falling 1.8% June. The slower-than-expected growth was due to weakness in the mining and manufacturing sectors. While mining contracted 0.7%, the manufacturing sector saw a decline of 0.2%.